ELI5 Cryptocurrency, cryptography, software development and information security. Our latest featured cryptocurrency knowledge base articles including basic concepts, software development, technical articles, easy to follow ELI5 introductions to technical concepts and much more!
ELI5 How to mine Litecoin
Litecoin has consistently been one of the most popular cryptocurrencies since its inception in 2011.
It was initially forked from the main Bitcoin source code by a developer ca...
Understand the Double Spending problem
As the name implies, the double spending problem consists in executing a transaction twice while subtracting just once from your account balance.
This, of course, can only hap...
avax-python Network Message Pipeline
Here's a short overview of the avax-python Avalanche message pipeline.
We've followed the reference Go implementation as closely as possible, but the Python code is still in ve...
avax-python Implementation Notes
Here you'll find a few implementation notes about avax-python. This is mainly targeted at developers who wish to work on the Python source code.
Python <- Go
Scrape AVAX network peers using avax-python
P2P networking is the single most important technical functionality in all cryptocurrency implementations. The decentralized nature of Bitcoin, AVAX, Ethereum and others requires ...
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AVAX Staking tutorial – How to begin staking Avalanche
The AVAX public sale, which closed on July 15 2020 after just a few hours, was an astounding success. Investors looking for high yields flocked to the sale, buying all U$ 42 million worth of AVAX coins in just 4.5 hours. At our latest update, AVAX price was approximately U$ 13 – a 2600% yield […]
ELI5 What is the Avalanche Protocol? [AVAX]
Avalanche is a consensus mechanism which aims to combine the best features of previously existing protocols. If you’ve tried to understand the Avalanche consensus protocol paper, then you may have stalled when you ran into technical terms like metastability, Byzantine adversaries, leaderless Byzantine fault tolerance, among others. Here I’ll try to summarize, in very simple […]
Is Avalanche safe from a Ripple-like battle with the SEC?
Ava Labs is a US-based company, founded by cryptography experts from Cornell University in NY and funded by several investors in the US. Ripple is a US-based company, founded by economists and cryptography experts from Canada and Kansas and funded by investors in the US. Notice any parallels? If you do, then you’re not alone. […]
ELI5 Provably Fair Games
What is a provably fair game? The answer lies at the heart of a whole new industry which has been developed around the transparent, decentralized, nature of the blockchain. The open and decentralized consensus mechanism existent in Ethereum, Bitcoin and most major cryptocurrencies, makes it possible for anyone to verify transactions using open source software […]
Concepts In This Page
A process or system by which multiple parties are able to reach consensus. In the context of cryptocurrencies, it's the process which allows for everyone to agree on everyone else's money balance. E.g. Bitcoin employs Nakamoto consensus via PoW mining.
Proof of Stake
Proof of Stake is a consensus mechanism in which block verifiers prove their commitment to the network by staking their coins instead of by proving they performed some work (contrast with Proof of Work).
Staking is the process by which users delegate their Proof of Stake voting rights to a staking pool. The pool then verifies transactions on the users' behalf and, similarly to mining pools, share some of the profits back with the stakers.
Litecoin is a first generation cryptocurrency which was originally forked from the Bitcoin source code. It substituted Bitcoin's SHA256 hashing algorithm for Scrypt as an attempt to make ASIC mining impossible.
A PoW based mining method by which Litecoin transactions are verified and blocks get produced.
Double spending is a condition where the same value can be spent twice, revealing a flaw in the payment processing system.
Irreversible transactions are a characteristic of digital payment systems which offer trustless decentralization. The irreversibility is necessary in order to guarantee that no transaction will be undone once committed by the network.
Cryptography and cryptocurrency based gaming.